TENANTS STOPPED PAYING RENT | What Happened Next?

Recently my tenants contacted me stating they cannot pay rent. Check out the video on how I handled it as a responsible landlord to avoid eviction or mortgage late payments.

As you know in the Cares Act and in several states putting a freeze or forbearance on evictions for non-payers of rent, tenants around the world have an opportunity to catch up to payments, not pay rent, etc.

There is also a mortgage forbearance on your mortgage payments. So does this mean Free Rent? Free Mortgage?

My tenants are always HIGH-quality tenants. I do not accept tenants with low credit scores, but recently one of them lost his job and his girlfriend is not working as well.

Well, I got contacted about a few days ago and they asked to see what their options are. As a landlord, you have to be civil and hear out all scenarios. Legally, I am not allowed to kick anyone out during this time, and I do not want the tenant to trash the place. I like this particular tenant.

So how did I handle this situation?

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Here are my tips for Landlords and Tenants:

1. Workout the amount that can be paid - as landlords are given the time, you have to be reasonable. As tenants, know your rights and understand any government grants or rules do not allow you to NOT pay eventually. They just block you from being kicked out temporarily.

2. Determine a pay off period to catch up. Say you are in January and you set May as a full catch-up period. Make sure you both monitor that and it's being achieved.

3. Landlords Draft a forbearance agreement to have the tenant pay that will not exclude you if the tenant files for bankruptcy. This is a separate contract or addendum that shows they need to pay and you are ok withholding payments back. Otherwise, it becomes you were accepting of it without any agreement.

4. If the tenant is not able to pay back, work out an early lease termination so you can get a better tenant and your tenant will not have a bad credit ding on their score. Tenants, be reasonable as well. Landlords may rely on your money to provide you that living space.

5. If the tenant will not leave but refuses to work with you at all, Landlords go ahead and immediately contact a lawyer. The contract is on the landlord's side, so tenants, I strongly urge you to work it out with your landlord to avoid being down a hole of bad credit which is worse than anything else.

Landlords, it is always best to get tenants with Excellent Credit scores. It shows responsibility and it gives you leverage when tenants act poorly or try to squat in your units.

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If you have any questions, please let me know as well by commenting below.

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#tenants #landlord #stoppayingrent